Published on 10/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $900,000 callable contingent coupon equity notes on Dow, S&P, Nasdaq
By Taylor Fox
New York, Oct. 26 – Citigroup Global Markets Holdings Inc. priced $900,000 of callable contingent coupon equity-linked securities due Sept. 28, 2023 linked to the lesser performing of the Nasdaq 100 index, Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at annual rate of 12% if each index closes at or above its coupon barrier, 80% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any quarterly call potential redemption date after one year.
The payout at maturity will be par plus the final coupon unless either index finishes below its 80% barrier, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Indexes: | Nasdaq 100 index, Dow Jones industrial average and S&P 500 index
|
| Amount: | $900,000
|
| Maturity: | Sept. 28, 2023
|
| Coupon: | 12%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par
|
| Call option: | At par plus any coupon due on any quarterly call redemption date after one year
|
| Payout at maturity: | Par plus coupon if both indexes finish above barrier levels; otherwise, 1% loss for each 1% decline of worse performing index from initial level
|
| Initial levels: | 10,833.33 for Nasdaq, 26,763.13 for Dow and 3,236.92 for S&P
|
| Coupon barriers: | 8,666.664 for Nasdaq, 21,410.504 for Dow and 2,589.536 for S&P, 80% of initial levels
|
| Barrier values: | 8,666.664 for Nasdaq, 21,410.504 for Dow and 2,589.536 for S&P, 80% of initial levels
|
| Pricing date: | Sept. 23
|
| Settlement date: | Sept. 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.75%
|
| Cusip: | 17328WN61
|
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